Markets On Pause Until Job Report
This afternoon, the major stock indexes have traded sideways, to slightly higher, on extremely light volume. This is a holiday shortened trading week as markets in the United States were closed for the Independence Day holiday. Tomorrow, all eyes will be on the ADP payroll report. On Friday, the government will release its monthly non-farm payroll report and this should be even more important for the markets. Last month, the ADP job report and the Department of Labor job report both disappointed investors, both reports were well below analysts expectations.
Some notable stocks that are trading higher ahead of the report include Apple Inc.(NASDAQ:AAPL), International Business Machines(NYSE:IBM), and Monsanto Co.(NYSE:MON). All of these leading stocks just mentioned are very extended and overbought at this time. Therefore, it is possible that the job report could be a profit taking event.